A Sarasota-based developer specializing in single-tenant retail stores is branching out with a planned shopping center project in West Palm Beach.
An affiliate of JBCC Development paid $12 million for a nearly 10-acre development site at 4651 45th Street, according to records and Vizzda. The deal breaks down to roughly $1.2 million per acre.
Centennial Bank provided the buyer with a $10.5 million mortgage.
The seller, an affiliate of Prime Development, led by Charles Lomangino in West Palm Beach, paid $4.1 million for the site in 2021, records show.
The property has site plan approval for a 51,136-square-foot retail plaza with 290 parking spaces. Divided into six single-story buildings, the proposed project includes a 20,000-square-foot anchor space, 4,200-square-foot fast-food pad with a drive-thru and a 5,646-square-foot gas station.
Founded by partners James Bridges and Clinton Conway, JBCC has developed retail stores and gas stations leased by Wawa, Walmart, Taco Bell, Tires Plus and Dollar Tree, among others, according to the firm’s website. While a majority of the company’s projects are in central Florida, JBCC developed a fast food restaurant in Jupiter leased to Wendy’s.
The retail sector in Palm Beach County showed signs of slowing in the second quarter compared to Miami-Dade and Broward counties, according to Colliers. The vacancy rate in Palm Beach County rose to 3.7 percent, compared to 3.5 percent during the previous quarter. Net absorption was negative 75,000 square feet in the second quarter, compared to a positive net absorption of 187,000 square feet in the first quarter, Colliers found.
Palm Beach also notched a decrease in average asking rents to roughly $29 a square foot during the second quarter, a 3.3 percent drop compared to the previous quarter.
Retail property sales have also slowed in Palm Beach County. This month, retail real estate investment firm Edens paid $88.4 million for Shadowood Square, a Boca Raton shopping plaza anchored by a Sprouts Farmers Market. Last month, Palm Beach Gardens-based BPS Partners acquired a Publix-anchored shopping center in Jupiter. BPS paid $39 million for Square Shoppes.